SG biotech firm secures $8.1m at $210m valuation

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Singapore-based SCG Cell Therapy, a biotech firm, has recently raised US$8.1 million at a valuation over US$210 million, according to VentureCap Insights, which tracks regulatory filings in Singapore.

The lead backer of the fundraise – which was marked as a series C1 round – was Hong Kong-based Smartech Investment Holdings, pouring about US$3.4 million into SCG Cell Therapy. The investment firm has also backed other Singaporean biotech firms such as Biocheetah and Lion TCR.

Tech in Asia has reached out to SCG Cell Therapy for official comments.

Founded in 2017, SCG Cell Therapy primarily develops immunotherapies for infections such as hepatitis B and human papillomavirus and their associated cancers. Outside Singapore, the company has a presence in China and Germany, widening its scope for drug research and discovery, manufacturing, clinical development, and commercialization.

In September 2022, the firm announced the launch of a cell therapy research and manufacturing hub in Singapore, with support from the Singapore Economic Development Board. The facility is expected to be operational by this year. SCG Cell Therapy also announced plans to onboard up to 30 local scientists, engineers, and managers.

“The growth potential of Asia’s pharmaceutical markets is astounding,” Frank Wang, CEO of SCG Cell Therapy, said at the time. “With the strong government investment and support over the past decades, Singapore has flourished into a leading biotech country with world-class research talent and infrastructure, which are indispensable for the biomedical industry.”

Note: Companies may raise debt, which isn’t reflected in regulatory filings unless it is converted to equity. As such, financial data from filings may not reflect the full picture.